Answers to Everyday Questions : Is transferring money to a different bank account free? How do I do it?

Is transferring money to a different bank account free? How do I do it?

11 Responses to “Is transferring money to a different bank account free? How do I do it?”

1. time heals! said :
   May 27th, 2010 at 2:35 am

   yes me either
2. Dav said :
   May 27th, 2010 at 3:29 am

   Write a check and deposit it in the other bank, and don’t worry about it.
3. frog said :
   May 27th, 2010 at 4:05 am

   Yes it’s free – I’ve never been charged.
4. Angie said :
   May 27th, 2010 at 4:37 am

   I’m not sure that there is a direct way to transfer. But you can make a withdrawal at one bank and a deposit to another. That certainly wouldn’t cost anything.
5. Insomniac said :
   May 27th, 2010 at 5:30 am

   It depends on your bank. I go through Citibank and they don’t charge me to transfer to my other external accounts. HSBC is a banking leader so I would think that they don’t charge but every bank is different. To make transfers you have to set it up with your bank. Most let you do it online. Sign up for online banking and the option for setting up and making transfers should be on the website if they both offer it.
6. shortymcstompy said :
   May 27th, 2010 at 5:44 am

   Hiya

   There are fast and slow bank transfers which can be done between banks. If it is a one off transfer you can send a BACS payment for free and it will take around three days to clear. If you need the money to move faster you can send it by a different method (I forget the name) for a fee of around £25 (the banks set it so it can differ). If you want to do a regular transfer i.e. rent money once a month then you can set up a standing order for free.

   All in all you need to call your bank or pop into a branch to ask their advice and set anything up. Double check all the acount numbers involved before you call/set off.

   Good luck

   XxX
7. bush_imti said :
   May 27th, 2010 at 6:01 am

   Yep, its all free, easiest way is to call the bank and set up a standing order. this is where you give the account number of the account you want to xfer money to and the transfer normally completes within 2-3 working days. After the first tranfers, all you need to do is call them and tell them which bank you want to transfers to. they have your details on the system so you only need to confirm the last four digits. Its really easy!
8. student said :
   May 27th, 2010 at 6:59 am

   Yes,

   they should be able to do this by EFT (electronic Funds Transfer). In my experience this is free and takes 3 days. or you can pay a small fee and it can be done on the day of asking.

   Rabo Direct have a free way of doing this, but you will need to set-up an account with them. They call it money-mover.

   The other way is by Internet, my bank has a facility to just do it over the Internet for free, all you do is type in the account details. I’m sure those bank will have a similar set-up if you contact them.

   PS:
   the girl above talking about draft which attracts a few of 25
9. Baby Girl said :
   May 27th, 2010 at 7:24 am

   The only way to transfer money from one bank to another is a wire transfer….the best way to transfer money is to have an official check made from the place that you want to take the money out and deposit to the other bank.
10. pattibcacl said :
    May 27th, 2010 at 7:39 am

    Yes I belive its free good luck
11. chitrabanu said :
    May 27th, 2010 at 7:56 am

    If it is in the same city it is not charged.